PARIS – The controlling shareholders of Hong Kong-based sourcing giant Li & Fung are branching off into India, a giant market with rapid growth in modern retail.
Fung Capital, controlled by Victor and William Fung, said it would invest $30 million in Future Logistic Solutions Limited, which specializes in supplying fashion and other products to 1,100 retail doors. In a statement, they described the move as “unrelated to any of the Li & Fung Group companies.”
Li & Fung recently became the primary global apparel and accessories sourcing agent for Liz Claiborne Inc. and is on the hunt for acquisitions. Last year, the company bought Van Zeeland handbags in the U.S. and Germany-based Miles Fashion.
Future Logistics, part of Future Group, operates 30 supply chains in fashion, food, home products and general merchandise. It also has joint-venture partnerships with stationery retailer Staples and French fashion chain Celio.
Future Group is best known for Pantaloon Retail, one of India’s largest operators. India’s logistics market is valued at about $100 billion.
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